FCA Finalizes Rules For Pension Transfer Advice Sector

Law360, London (March 30, 2021, 6:32 PM BST) -- The Financial Conduct Authority finalized guidance for financial advisers on Tuesday in an attempt to reduce the number of workers transferring their long-term savings from final benefits pension plans.

The City watchdog said it is concerned that poor advice has prompted people to put their money into high-risk investment schemes, where savings are often eroded by high fees. It has published a set of guidelines for financial advisers, which the regulator hopes will drive up standards in the sector.

The guidance follows a ban in October on so-called contingent fee arrangements, where advisers are not paid unless a client goes ahead with...

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